Tuesday, November 4, 2014

China Planning $16.3 Billion Fund for ‘New Silk Road’

China plans a $16.3 billion fund to finance construction of infrastructure linking its markets to three continents as President Xi Jinping pushes forward with his plans to revive the centuries-old Silk Road trading route.
The
fund, overseen by Chinese policy banks, will be used to build and
expand railways, roads and pipelines in Chinese provinces that are part
of the strategy to facilitate trade over land and shipping routes,
according to government officials who participated in drafting the plan.
More policies will be rolled out soon to encourage Chinese
lenders to finance infrastructure in countries along the route
connecting China to Europe, said the officials. They asked not to be
identified as they weren’t authorized to speak publicly about the plans.
Chinese companies will also be urged to invest in the countries and bid
for contracts, the officials said.

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